SINGAPORE – Catalist-listed ST Group Food plans to liquidate its loss-making subsidiary in the UK, GCTea Outlets 2B, which operates a food and beverage outlet under the Gong Cha brand in the country.
PappaRich, Ippudo, and Hokkaido Baked Cheese Tart are other brands owned or franchised by the Australia-based company.
“It has been determined that it is no longer viable for GCTea Outlets 2B to continue its business due to amongst others, (its) liabilities… and the challenging economic situation in the UK,” the food and beverage company said on July 23.
While the liquidation will result in some losses on a pro-forma basis, it will likely have a positive impact on the group’s consolidated net tangible assets (NTA) and earnings per…